PERFORMANCE CONTRACT BOND AND PAYMENT BOND. The successful Bidder, at the time of the execution of the contract, may deposit with the Engineer, a surety company bond for the satisfactory completion of the work and a surety company bond for the payment of all debts pertaining to materials, rental of equipment, and labor used or employed in the execution of the Contract. These bonds shall each be in an amount equal to the amount of the contract award and in a form acceptable to the Engineer. The Surety must be a corporate surety licensed to sign surety bonds in the State of Connecticut.
Appears in 7 contracts
Samples: General Agreement, General Agreement, General Agreement
